Accounts for Babies, Kids, Teens - 2021
Presented by
Mary Beth Guard
Recorded on November 9, 2021
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When to accept deposit accounts for minors and how those accounts should be established are questions of policy that every bank has to address. If you want to set up accounts for babies, kids or teens, you want to do so in a way that avoids problems and anticipates and answers questions.
It’s all about options, when a minor has money, there’s not one universal “right way” to structure a deposit account. Instead, the ideal way to set up the account will depend upon a number of factors, from the source of the funds to the age of the individual and the intended use of the money.
Participants in this two-hour webinar will come away with all the important issues covered - the types of account ownership available, the benefits and ramifications of setting accounts up under the Uniform Transfers to Minors Act, who controls each type of account, what minors' accounts are typically used for, and how they're sometimes abused. Mary Beth Guard will equip you with the information you need to style accounts correctly, obtain data required for CIP purposes, and deal with a variety of common scenarios that often arise with minors' accounts.
In this session, Mary Beth will cover:
WHO SHOULD ATTEND:
This presentation is designed for new account, teller, and other front line personnel.
Mary Beth Guard
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